湖南电信资本结构优化：理论及战略研究

【作者】 丑文亚；

【导师】 李斌；

【作者基本信息】 湖南大学 ， 工商管理， 2002， 硕士

【摘要】 资本结构优化问题是企业财务管理的难题之一，也是电信企业改革的重点。毫无疑问解决好电信企业的资本结构优化问题，将有利于电信企业的改革，使企业增强获利能力，实现企业市场价值最大化的目标，在激烈的市场竞争中立于不败之地。本文以湖南电信资本结构优化这一课题为研究对象，首先介绍了资本结构优化的理论，主要介绍早期的净收益理论、营业净收益理论、传统资本结构理论和现代资本结构理论，重点介绍MM理论及由MM理论发展而来的权衡理论，特别是权衡理论的数学模型分析，为企业提供了计算最优举债额的参考方法，同时对最佳资本结构条件下的筹资决策方法进行了研究;然后分析了电信业资本运营现状及存在的问题，对湖南电信的市场需求、财务状况、经营环境进行了分析；接下来，对湖南电信资本结构优化战略措施进行了研究，在线性规划模型的基础上，建立了湖南电信资本结构优化线性规划模型，得出了最佳资本结构范围结论；论文最后对湖南电信资本结构优化结果进行了分析与探讨。从上述内容分析得出如下结论：在完善的市场条件下，资本结构的变动会影响企业市场价值和赢利关系。根据最优资本结构的存在性理论，可以区分哪些企业多举债，哪些企业少举债。当总资产收益率高于债务平均利率的情况下，可更多的利用财务杠杆得到更高的利益，这时举债融资比股票融资可获得更多的收益，否则，企业举债是不利的。最优的债务比一般是在O.5-0． 61之间。而对湖南电信的资本结构研究得出，负债结构比例不合理，湖南电信总资产收益率低于负债平均利率，财务杠杆将发生负面作用，举债对公司不利，可通过股票融资优化资本结构。更多还原

【Abstract】 As one of the problem of business financial administration, the optimization of capital structure has been the reform stress of telecommunication business. Undoubtedly the solution of capital structure problem can benefit the business reform and enable the telecommunication business to make a greater profits in the market, even reach its maximum marketing value (MV).This dissertation centers on the capital structural optimization of Hunan telecommunication. First, it introduces the theory of capital structural optimization and analyzes the theories of early net proceeds, net operating earnings, eclecticism and modern capital structure, with an emphasis on the MM theory and the balance theory based on MM. Especially the mathematical model analysis of balance theory which offers a reference for enterprises to calculate the optimized funds raisin. The paper also studies the financing decision methods under the condition of optimized capital structure. Then, it presents the problem analysis of current capital operation in telecommunication industry with a detailed study of the market demand > financial situation as well as the condition of business in Hunan telecommunication business. Moreover, on the basis of linear programming model, the paper suggests the linear project model of capital structural optimization of Hunan telecommunication to get the best capital structure coverage. Finally, the paper discusses the strategic methods and projects of capital structural optimization of Hunan telecommunication business.Thus the paper draws the conclusion that the change of capital structure will affect the relationship between the business marketing value and its profits in a supposed perfect market. According to the theory of capital structural optimization existence, the debt-more enterprise can be easily distinguished from the debt-less enterprise. When the rate of total capital returns exceeds the average debt ratio, thefinancial leverage can be fully employed for more interest, for debt financing is more profitable than stocking financing. Otherwise, it’s unreasonable for the enterprise to float the loan. The optimized debt ratio is between 0.5-0.61. However, the analysis of Hunan telecommunication capital structure shows its rate of total funds earning is lower than its average debt ratio, and thus its financial leverage will work negatively. Debt does harm to the company and the only solution for an optimized capital structure is to raise funds by stocking.更多还原